Explore Careers in India

See which career option suit you best!

Eg. Professional & Vocational

Eg. Engineering

Eg. Automobile Engg.

Please Sign In / Sign Up to unlock the remaining section


(Finance Acct. & Banking)

Career Overview

Assuring Smiles through Covering Risks – A Career in Insurance

The expanding Insurance market has provided a plethora of job opportunities. Depending upon their skills and qualifications, anyone can find rewarding employment in Insurance sector.

Life is fraught with dangers. Take a look around, whatever we see is at risk. That swiftly moving car may meet an accident at the next turn. That healthy kid playing in the park may next day come down with a life-threatning disease. That man leaving for his job may never return home. That old couple next door may not receive their  next pension cheque due to market crash. INSURANCE is the tool to overcome any financial difficulties arising out of such contingencies.

Earlier Insurance was termed as a “necessary evil” but with the increase of risks in modern times the need for a risk-cover is needed greatly.             


To cover different type of risks, various kinds of Insurance products are being offered by companies.



With increase in trade over the years and the awareness amongst the public, people in India are awakening to the need for Insurance. This expanding market has provided a plethora of job opportunities. Depending upon their skills and qualifications, anyone can find rewarding employment in the Insurance sector.

There are both, Public Sector Companies (i.e. Government Owned) e.g. LIC, Oriental, GIC etc. as well as Private Insurance Companies like ICICI Lombard, HDFC Life, Aviva, Max Life Insurance etc. in India. Also, there are some Joint ventures between Public and Private sector like between Bank of India and United Sompo of Japan etc.



Recruitment and Compensation

In Public Sector Companies, there are mainly 2 divisions at lower management level i.e. Administration and Business Development.

ADMINISTRATION looks after the back-end, day to day administration and smooth functioning of companies. Here, recruitment is done through competitive exams in 2 cadres, viz., Clerical and Executive (AAO).

In BUSINESS DEVELOPMENT, there are independent Insurance Agents who are not the employees of the company and work on a commission-on-sales basis. Development Officers, who are company employees are responsible for managing the network of agents.

In private sector, minimum qualification for recruitment in administration is Graduation. Executive level positions are held by professionals with degrees like MBA(Mktg), MBA(HR), CA, Law Graduates etc. Private companies also work on the Agent-model.

Apart from these, there are various jobs like:

PRODUCT DESIGN and RISK MANAGEMENT: This is a high risk job with a commensurate compensation package. Here, the preferred candidates are highly qualified professionals like Actuaries, CAs and MBAs from premier institutes.

CLAIM EVALUATION: This work is generally outsourced to Technical professionals from relevant fields. They are paid on a case to case basis.

LEGAL: Being a litigation prone industry, the Legal section of an Insurance company is a very important section. It is responsible for representing the company in various forums, legal and statutory compliances, testing new products for legal validation etc. Law graduates are preferred for this profile. A lot of legal work is outsourced too.

OFFICIAL LANGUAGE OFFICER:   In all Public Sector Companies Official Language Officers are appointed to promote the use of vernacular languages in day to day working and official correspondence. Preferred candidates are Masters degree holders in their respective languages.

Career Path


Compensation in Insurance industry varies on the basis of skills and performance of candidates, however a fair idea of popular average salaries offered in India and overseas is detailed below :

Job Responsibility

Appx Annual Salary in India (INR)

Appx Annual Salary in USA ($)

Accounts Manager

4,00,000 – 6,00,000

50,000 – 55,000


7,00,000 – 10,00,000

55,000 – 60,000

Business Development Manager

3,00,000 – 5,00,000

60,000 – 80,000

Development Officer

5,00,000 – 8,00,000


Acturial Analyst

4,00,000 – 5,00,000

40,000 – 50,000

Senior Actuaries

10,00,000 – 25,00,000

1,00,000 – 2,50,000

Other Operational Executives

4,00,000 – 6,00,000

40,000 – 70,000

Top Institutes


Almost every Insurance company recruit graduate freshers for various general management, sales and marketing roles. However specialists are preferred for the roles of actuarial valuation and policy making, claim loss surveys, risk underwriting and other expert domains. Various institutes are imparting insurance educations in country and abroad.

Name of the Institution


Courses Offered


Fee Structure



Birla Institute of Management Technology (BIMTECH)



2 years

3-5 Lacs


Insurance Institute of India (III)


Agent and Surveyor Accredition

1-2 years

Upto 1 Lacs


Institute of Insurance and Risk Management (IIRM)



2 years

3-5 Lacs


Institute of Actuaries of India (IAI)


Actuary Professional Accredition

5-6 years

1-2 Lacs


Various Management Institutions like IIM’s, MDI, IIFT, IMT etc



2 years

4-8 Lacs

Overseas Institutions

Insurance is an integral part of any successful business and hence insurance education is integral to all business academics curriculum . Separate topics covering major aspect of Insurance are taught in most of the MBA programs worldvide. All major countries have their actuarial institues. Some of these institutions are :

Name of the Institution


Courses Offered


Fee Structure



Chartered Insurance Institute (CII)


Diploma and various certifications in Insurance

1-2 years

$ 2000-10000


Society of Actuaries (SOA)


Actuary Professional Accredition

5-6 years

$ 10000-20000


Harvards Business School (HBS)



2 years

$ 50000 +


MIT Sloan



2 years

$ 45000 +


Institute of Actuaries of Australia



Actuary Professional Accredition

5-6 years



What Next?

A career in insurance industry comes with a plethora of benefits including name, networking, wealth and satisfaction. Although neither a lost life can be reclaimed nor damage to any property can be undone, insurance nevertheless provides people with an option to rebuild their lives by ensuring financial stability even in critical times.

With increase in worlwide economy the scope of insurance sector is set to grow by leaps and bounds. So don’t miss the bus!


iDC is focused on helping students choose a career in which their potential is maximized. In case you wish to pursue a Career in Insurance and facing any query relating to it, please post it here: SUBMIT